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Cloud-Based Software Provider Reval Holdings Files For $75M IPO

 March 30, 2012 09:07 AM

Reval Holdings Inc., which offers cloud-based treasury and risk management software, filed registration statement for up to $75 million initial public offering with the Securities and Exchange Commission.

The company filed Form S-1 or registration statement with SEC for an IPO of its common shares with $0.001 par value per share. The company has still not decided about its trading ticker or symbol.

Reval expects to use the net proceeds of this offering for working capital, other general corporate purposes and may also use a portion of the net proceeds to buy complementary technologies. The company said it would not receive any of the proceeds from the sale of shares by the selling stockholders.

The company is a global SaaS provider of comprehensive and integrated treasury and risk management solutions.

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The company's certificate of incorporation authorizes issuance of up to 100 million shares of common stock and up to 5 million shares of preferred stock with such rights and preferences as may be determined by its board of directors.

Merrill Lynch, Pierce, Fenner & Smith Inc. and Stifel, Nicolaus & Co. Inc. are acting as representatives of the underwriters: BMO Capital Markets Corp., Lazard Capital Markets LLC, and Raymond James & Associates Inc.

After the completion of this offering, Reval does not expect to declare any cash dividends to holders of common stock in the foreseeable future. In addition, its existing credit facility and any future indebtedness may prohibit Reval from paying any type of dividends.

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The company's predecessor, Reval.com Inc. was organized in 1999 as a Delaware corporation which focused on developing and providing a single instance, multi-tenant, hosted hedge accounting, compliance and financial risk management offering.

The company was organized in June 2007 as a Delaware corporation under the name "Reval Holdings Inc." as a holding company and acquisition vehicle to acquire the business of Reval.com. It completed the acquisition of Reval.com in July 2007.

Over the past several years, the company's revenues increased from $21.9 million in 2009, to $32.2 million in 2010, and to $45.0 million in 2011. To support growth, it has also continued to invest heavily in expanding client base and technology, and as a result, Reval recorded operating losses of $10.0 million, $8.1 million, and $19.3 million in 2009, 2010 and 2011, respectively.



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